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Whether you just want to make sure you get the best deal you can get on your home loan, you’re moving house, or renovating, our home loan refinancing team can guide you through the maze of options to a financially fit future.

Refinancing refers to a process where you pay out your current mortgage, and take out a new loan with either the same lender or a different lender who can offer you exactly what you need.

Switching loans can save you money in the long run, but there are often fees involved. To decide if this is going to be the right option for you, there's some key considerations to take into account.

Positive Home Loans refinancing specialists will give you honest and independent advice based on your best interests and current situation, so you can be confident that when you decide to refinance, you’re doing the best to optimise your financial investments in long-term.

Step 1: Is refinancing the right thing to do?

Some of the key reasons to consider refinancing your mortgage can include:

Over time, both the mortgage market or your financial and personal situation can change. This means that you may be able to access lower interest rates, or that you could benefit from a loan with a different selection of features, such as an offset account, a fixed rate, or the ability to make extra repayments.

You might want to use the equity in your home to make renovations or improvements to add value to your property and your lifestyle.

If you are nearing the end of a fixed-term period, you can use this chance to see if you can get a better rate or more flexible loan.

To consolidate debts, like a personal loan, car loan or credit card, so your finances are all managed in one place.

If you fit into one of these scenarios, you'll need to consider whether mortgage refinancing will leave you better off after any fees and costs associated with switching loans.

If you are refinancing to a mortgage for more than 80% of the property value, you will also need to consider Lender’s Mortgage Insurance.

If you have a mortgage, and you are considering whether it could be working better for you, the best way to get a true assessment is to have a discussion with a mortgage broker. Your broker will be able to tell you whether there's a more appropriate loan available to you, and will break down the exact costs of switching and how the new home loan will be different to the one you currently have.

Step 2: Choosing the right loan

Once it’s clear that refinancing is the right option for you, your mortgage broker will give you a selection of loan options to choose from. Your mortgage broker will help you to compare loan features so you have the flexibility to meet your changing situation.

You can read more here about types of home loans and the features that you might be able to take advantage of so you're well-informed when it comes time to make the switch.

When you are choosing to refinance a home loan, the features that you want will depend on your new financial situation, like the following:

Ability to make extra repayments when you have extra cash.

Fixed rate term to make budgeting easier.

Lower interest rates.

Offset account to reduce the interest that you pay.

At Positive Home Loans we know how fast life can change, whether it's a new job, you're starting a family, building a house, or you're taking advantage of new business opportunities. The Positive mortgage brokers will be able to help you to know for sure what options are going to keep you financially fit and moving forward with confidence.

Once you've selected the refinance mortgage you'll go with, your mortgage broker will tell you what you'll need to do to complete the transaction to a new home loan.

From here it's as easy as making sure your broker has the information they need, and then they will do all the work for you to complete your new loan application, and to close your current mortgage. It's great to have a broker on board at this point, as they'll make sure all the loose ends are tied up and the transition between loans and lenders goes smoothly.

Talk to us for a Free Home Loan Review

With the Australian Reserve Bank interest rates at a historic low, it’s an ideal time to see if you can take advantage of the current economic market to save on your mortgage repayments.

A full mortgage review will take about an hour, and a mortgage broker can meet you wherever and whenever is convenient. The consultation is completely free and obligation free, so you’ll get a clear idea from a professional on whether you're in the best possible situation without any commitment.

If you review your expenses, personal budget, loans, credit cards and debt on a regular basis, you can be sure you're on the path to a prosperous and secure financial future.